Dollar index on track to end two-week losing streak


  • Dollar index eyes weekly gain on worsening of risk sentiment. 
  • Renewed coronavirus concerns and the US fiscal impasse pushes stocks lower. 
The dollar index (DXY), which tracks the greenback's value against majors, is currently hovering at 93.80, representing a nearly 0.8% gain for the week. The index has posted losses in the previous two weeks. 

Risk-off

The fragile risk sentiment in the global markets has supported the greenback this week. Notably, the US stocks dropped for the third straight day on Thursday as an unexpected rise in the weekly jobless claims revived fears of a slowdown in the world's largest economy. 
 
Additionally, deadlock in Washington over the fiscal stimulus talks and the coronavirus resurgence across Europe weighed over the investor sentiment and put a bid under the greenback. 
 
However, while heading into the weekend, the dollar may face some selling pressure if global stocks witness risk reset, as suggested by the 0.2% gain in the S&P 500 futures. That said, significant gains look unlikely due to renewed virus fears and growth concerns. As such, the dollar is likely to close the week with gains, snapping a two-week losing trend.

Technical levels

Dollar Index Spot

Overview
Today last price 93.79
Today Daily Change -0.01
Today Daily Change % -0.01
Today daily open 93.8
 
Trends
Daily SMA20 93.73
Daily SMA50 93.3
Daily SMA100 94.7
Daily SMA200 96.87
 
Levels
Previous Daily High 93.91
Previous Daily Low 93.37
Previous Weekly High 93.9
Previous Weekly Low 93.01
Previous Monthly High 94.74
Previous Monthly Low 91.74
Daily Fibonacci 38.2% 93.7
Daily Fibonacci 61.8% 93.58
Daily Pivot Point S1 93.48
Daily Pivot Point S2 93.15
Daily Pivot Point S3 92.94
Daily Pivot Point R1 94.02
Daily Pivot Point R2 94.23
Daily Pivot Point R3 94.56

 

 

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